| Tensions can run high in both the selling and | | | | comfortable process with open, full and honest |
| buying of real estate. After all, there is a lot of | | | | communication between the agent and the client |
| money and emotion involved! There are also time | | | | at all times.Many of our sellers would like us to |
| pressures and numerous privacy issues to deal | | | | find a buyer in a week or less for their property. |
| with. The sale and purchase of real estate can be | | | | Interestingly enough, it is often the property that |
| a lengthy process involving numerous | | | | is most difficult to find a buyer for that has the |
| professionals from many fields.The Real Estate | | | | most impatient seller.Even after a property is |
| Center at Texas A&M University asked 3,000 | | | | chosen by a buyer, there is a lot of time and |
| Texas home buyers to describe their recent | | | | work still needed from all those involved. The |
| purchase, about 400 replied. Their responses | | | | time, the continued negotiations, the inspections, |
| showed how stressful buying a home can be, for | | | | reports, and evaluations needed, all the calls and |
| buyers and sellers. The Realtors and attorneys | | | | appointments that need to be made on behalf of |
| who try to keep all tensions at bay in order to | | | | all parties involved almost always take far more |
| complete the transaction also feel the burdens of | | | | time than anyone not directly involved can realize. |
| stress!"The process is grueling in the best of | | | | This is usually frustrating to everyone. The sellers |
| circumstances, and the severe sellers' market of | | | | as well as the buyers often feel they are stuck in |
| recent times only increased the stress," says Dr. | | | | quicksand, unable to move or do anything without |
| Jack C. Harris, Center research economist. "In | | | | sinking further into the mire. At the same time -- |
| conjunction with Lawyers Title Company, the Real | | | | that same quicksand of details required to |
| Estate Center asked recent home buyers about | | | | complete the transaction seems at times to be |
| their buying experience and what changes they | | | | filled with alligators ready to bite and take them |
| think would make the process more buyer | | | | down anyway. In some ways, that is all too true. |
| friendly." (quote from Real Estate News | | | | And, it is the duty of all the Realtors involved to |
| Information Service Feb. 24, 2001)The final | | | | keep our clients and customers as comfortable as |
| question on the survey was, "If you could change | | | | possible during these trying times of details and |
| anything about the home buying process, what | | | | difficulties.The Realtor usually spends a good deal |
| would that be?" Almost a third answered the | | | | of time trying to manage the lender(s) and get |
| question, and most of them expressed | | | | the money required to bring the deal to closing. |
| dissatisfaction about some phase of the | | | | Often this is the most difficult part of the |
| process.Understandably some of the complaints | | | | transaction, even when the buyers and sellers are |
| were about circumstances beyond anyone's | | | | easy to work with. Usually, the first contact with |
| control. This included high prices, interest rates, | | | | a lender is all roses and sunshine. All too often |
| the lack of listings in a specific area, where they | | | | however, the clouds and thorns of problems are |
| wanted to buy, etc.However, all of us Realtors | | | | soon evident. We Realtors are often fully |
| can learn much from some of the things that WE | | | | employed trying to get all the requirements |
| can, and should, do something about. Many of the | | | | fulfilled for the lender and the purchaser and when |
| folks surveyed felt that the Realtor did not | | | | those are complete we work to make certain the |
| perform up to their expectations. They were | | | | promised funds are still available, approved and |
| especially miffed when the Realtor assumed too | | | | ready for closing, ON TIME.At the closing, there is |
| much, that they understood what was going on, | | | | another 2% to 3% or, in some few cases, even |
| and didn't keep them well enough informed. In | | | | more of the purchase price involved at closing for |
| such a pressure cooker of financial and time | | | | each the buyer and the seller. The long list of |
| constraints, the unfamiliar territory of buying and | | | | expensive items often seems too costly to both |
| selling a property can be nerve wracking!Many | | | | the buyer and the seller. Some folks find this |
| buyers and sellers need to be reassured and | | | | irritating and feel it to be unfair. Some wonder |
| comforted. It is sometimes hard for the Realtor | | | | why there are so many fees and services that |
| to know which of the dozens or even hundreds | | | | find their way to the settlement table and may |
| of people they are working with at one time need | | | | wonder if the fees and services were even |
| the most attention. Some of the Realtors' clients | | | | necessary.The myriad details involved with the |
| felt the agent did not take enough time with | | | | finding, selecting, negotiating, contracting and |
| them. This was true even for some buyers who | | | | transferring of ownership and funds at final |
| had a Buyer's Agent under contract to work on | | | | settlement is time consuming, detailed, and often |
| their behalf alone.We Realtors should alert and | | | | challenging.People are accustomed to buying most |
| educate our clients, whether they be sellers or | | | | things instantaneously and getting instant |
| buyers, to the complexities and details of the real | | | | gratification for their decisions. Especially for those |
| estate transaction. Some buyers feel that they | | | | of us who use the Internet a lot. In a recent |
| are rushed through the looking, choosing, buying | | | | survey it was shown that most people who |
| and settling process, and sometimes they | | | | purchase via the Internet want the purchase |
| are.More and more buyers, especially the most | | | | delivered to them via overnight service. Although |
| savvy ones, are using Buyer's Agents. When | | | | Kate and I do most of our promotion, marketing |
| there is a Buyer's Agency Agreement signed, | | | | and communications via the speedy Internet -- |
| most buyers expect far more service. Some feel | | | | we are not usually able to deliver the completed |
| that they don't always get it. In fact, according to | | | | sale in less than a month or two.Many (let's be |
| the survey, 70% of those who had a Buyer's | | | | more honest and blunt) actually MOST buyers do |
| Agent wanted even more care, concern and | | | | not appreciate the legal complexities of taking title |
| service from their agent than they felt they had | | | | to real estate. They most often, simply do not |
| received.The sellers, too, felt they had received | | | | understand why it should be so complicated to |
| too little service, care and attention in many | | | | buy a piece of land or a home, nor do they |
| cases, for the commission involved. Some seller's | | | | understand the complexities of getting them |
| felt that the selling agent was not responsive | | | | approved for the best rate and terms in the |
| enough to them, that calls were not returned | | | | mortgage obligation -- even if they have done it |
| promptly enough, or that not enough assurance, | | | | before.The real estate industry has made great |
| information, concern and communication was | | | | and consistent accomplishments in speeding up |
| forthcoming from their agent.Even though it is | | | | the entire buying process; from searching via the |
| legally the seller who pays the Real Estate | | | | Web to getting mortgage approvals in sometimes |
| commission, it is really part of the overall | | | | an hour (as is the usual case with our in-house |
| transaction. Many buyers feel that they are the | | | | broker). Even title searches, lien searches, |
| ones who are really paying that commission. They | | | | judgment searches and the typing of the dozens |
| feel that the several thousand dollar commission is | | | | of pages of legal documentation has been |
| just tacked onto the selling price by the seller and | | | | streamlined with modern devices and techniques. |
| thus it is they, the buyer, who is ultimately paying | | | | However, there is another bundle of issues that |
| more for the property than they should! Buyers | | | | slow the process while the aforementioned have |
| often feel that sellers inflate home prices to | | | | sped it up. The litigious society we live in, the |
| recover the cost of the commission.Some | | | | relatively recent and growing list of written |
| purchasers want more contact with the sellers of | | | | disclosure requirements and legal contingencies |
| the property; before, during and after they decide | | | | have adversely affected the time and ease |
| on the property and place a contract on it. Many | | | | involved. It has limited the progress and speed of |
| wanted to develop a relationship with the seller of | | | | the individual parts of the transaction steps at |
| the property and have direct communication with | | | | nearly every point.We, as Real Estate |
| them between the time of the contract and the | | | | Professionals should, in fact we must, pay special |
| settlement. Some felt that an agreement would | | | | attention and take special care in helping buyers |
| have been more easily arrived at if the sellers and | | | | and sellers understand what is going on at each |
| buyers could have hammered out details in | | | | step of the selling and purchasing process. We |
| person.Other buyers had met with the sellers and | | | | need to make it clear why the various expenses |
| considered that it had been the biggest error of | | | | incurred at closing are ordinary and necessary. We |
| the entire process. Most folks felt that the | | | | need to alert our clients and customers to the |
| insulation of the Realtor(s), keeping the sellers and | | | | potential consequences of each place where they |
| buyers apart and in communication only via | | | | can be financially and legally harmed or put at risk |
| written offers and changes to the contract was | | | | by cutting corners. We do our best!Based on |
| appropriate as it gave them the advantage of | | | | every available survey, it is evident that the |
| advice and discussion with their Realtor and time | | | | Internet is growing and soon to be of utmost |
| to think and discuss things before responding.A | | | | importance to buyers searching for a home. For |
| huge part of the work and value that a Realtor or | | | | the month of January, 2001 a review of 37 major |
| all the Realtors involved bring to the transaction is | | | | search engines showed that Real Estate related |
| the mediation, conflict resolution, refereeing and | | | | searching and use was the third major use of the |
| monitoring of communications between buyer and | | | | Internet, world wide. In America, it was second |
| seller. Often that is a huge and difficult task. | | | | except for a temporary flurry of interest in |
| Sometimes it is just too monumental to achieve | | | | searching for information on digital cameras which |
| satisfaction on the part of their client. Often it is | | | | barely put it in third place here also.The Internet |
| those clients who are most difficult to work with | | | | is, however, not the only factor in the overall |
| that are the least satisfied with their Realtor. That | | | | search. At price ranges of $300,000 and more; |
| is all part of the job we do. We do our best, from | | | | about 90% of the first contacts are to a Realtor |
| our own viewpoint, we try to satisfy the | | | | with an attractive, informative, workable and fast |
| personality of our clients, and usually that is well | | | | acting Web site. As the price of the home |
| appreciated!After all, the natural flavor of a buying | | | | descends, the percentage of buyers using the |
| and selling transaction is adversarial. The Realtor is | | | | Web decreases. For homes under $100,000, only |
| like a Gladiator in most cases; going to battle, in | | | | about 25% of our personal response is a result of |
| an honorable way and according to the rules, on | | | | our Web site presence and |
| behalf of their backer -- their client. There are | | | | expertise.Simultaneously, fewer Realtors instead |
| many behind-the-scenes conflicts on behalf of | | | | of more, are finding the Web useful according to |
| clients that never are divulged and shouldn't be. It | | | | our recent survey. The reason is obvious to |
| is the duty of the Realtor to put all parts of the | | | | some of us; most users want sites to be far |
| transaction in the best, although truthful, light | | | | more informative, more private, and want the |
| possible. A Realtor who transfers the natural | | | | sites to have a lot more content. They want |
| adversarial animosities between buyer and seller | | | | more pictures, better descriptions, related sales, |
| does a disservice to his client no matter which | | | | crime reports, etc. Some of these things are not |
| side of the transaction is being represented.Most | | | | even available yet for our market area but the |
| buyers and sellers comments on the survey | | | | buyers still want them. People would like to rule |
| evidenced the importance and value of the agent | | | | out those homes they are not interested in |
| in the transaction process. However, it is | | | | before they even contact a Realtor in most |
| important that all of us Realtors learn from our | | | | cases -- especially for the more expensive |
| buyers and sellers, especially to responses they | | | | properties.Users want the sites to come up faster |
| give about our profession when they are being | | | | and to be more intuitive of their interests and |
| surveyed on our service.Nearly every week in our | | | | needs. People are also reluctant to show what |
| office, at Long and Foster Realtors, Rehoboth | | | | they don't know as it makes them feel vulnerable. |
| Beach, our manager reads one or more glowing | | | | Thus we try to have lots of data on our site so |
| comment letters from our thankful, satisfied and | | | | the sellers and buyers can educate themselves |
| sometimes elated clients and customers. In fact, | | | | before they contact a Realtor; hopefully us!Some |
| Kate was the overall Service Award Winner for | | | | clients seem to realize and appreciate that |
| the entire year of 1999.From the survey results | | | | Realtors are also dependent on other |
| of the Texas A&M University, we as Realtors, | | | | professionals to make the home buying |
| are well advised to learn that respondents praised | | | | transaction go more safely, more legally proper |
| especially helpful agents. It is reasonable to | | | | and in all ways more smoothly. Buyers do expect |
| assume the majority who wrote nothing when | | | | the agent to keep them informed about progress |
| asked to comment on any dissatisfaction, on this | | | | and to effectively, quickly and professionally |
| anonymous survey, were well satisfied with the | | | | handle any obstacles to their goals and purposes |
| service they received from their Realtor(s)."We | | | | in the transaction.The entire process of selling and |
| had a great experience," wrote one buyer. "The | | | | or buying a property, especially a home, can be |
| agent made all the difference. She kept us well | | | | nerve wracking and full of tension for everyone |
| informed almost daily. This was so important to | | | | concerned. Some problems are unavoidable, some |
| us." While a majority of survey respondents had | | | | are unpredictable, some are created out of |
| no comment regarding agents, 85% said they | | | | nothing by some party to the transaction. Many |
| would use or recommend the agent again. | | | | problems can be resolved or avoided if the sales |
| (paragraph taken from Real Estate News | | | | agent provides information, reassurance and |
| Information Service Feb. 24, 2001)According to | | | | support to the buyer.In the final analysis, it is up |
| the survey report, complaints about the | | | | to you, the buyer or the seller to be the |
| complexity of the home buying process fell into | | | | "squeaky wheel in need of oil" and call, write, |
| one of three categories: too complicated, too | | | | e-mail and otherwise let your Realtor know |
| time-consuming or too costly. Many felt the | | | | immediately when you feel needy of more |
| process involved too much paperwork. | | | | communication, care, solace or help. Our job is |
| Undoubtedly, they were reacting to the | | | | about 98% invisible to our customers and clients. |
| numerous, lengthy legal forms they had to sign | | | | Even when we tell everyone what we are doing, |
| before, during and after the contracting of the | | | | it is almost always hard for them to believe the |
| property as well as the seemingly almost | | | | time it takes for what seems, to them, a simple |
| unconfrontable stack of documents requiring a | | | | task. We usually have a few dozen customers |
| signature at closing.It can take a terrific amount | | | | and clients at any one time that we are trying to |
| of time to find and buy a home. We often work | | | | service as if they were the only person in our |
| with buyers for months seeking the right home. | | | | professional lives.If you are our customer or client, |
| Some of them we've been working with, staying | | | | PLEASE let us know any time you need us! |
| in touch with, and showing properties to -- for | | | | Simultaneously, we will attempt to anticipate your |
| years. Those with some particular interests may | | | | every need and difficulty and be working on |
| find that a "possible" choice for them might only | | | | solutions before you even tell us. We are partners |
| come on the market once in a great while! It is | | | | in this profession with our customers and clients, |
| not an easy or comfortable situation for anyone | | | | and the success of every partnership is open and |
| involved, but the finding and buying or selling of a | | | | honest communication!Now, please let us know |
| home or property can be made a MUCH more | | | | how we can be of more service to you! |